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AAP
AAP
Business
Kaaren Morrissey

'It breaks your heart': scammers fake a real economist

Pump and dump schemes often involve the purchase of genuine shares traded on real exchanges. (Lukas Coch/AAP PHOTOS)

Online fraudsters are at it again, trying to lure older Australians with fake celebrity endorsements and investment tips.

The number of so-called ''pump and dump'' scams being reported to the financial regulator has soared recently, causing it great concern.

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